What is a Trial Balance?
A Trial Balance is a list of all the account balances in the accounting records and is used to check the correctness of the bookkeeping entries.
Under the double entry bookkeeping method for every debit there should be a credit so a list of all the balances in the accounting records should balance.
Until a Trial Balance balances you cannot start the preparation of the Financial Statements. It should be noted that although a Trial Balance may in fact balance, there may still be errors in the accounting records.
For further information on a Trial Balance see the Wikipedia definition.
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Trial Balance Definition March 23rd, 2016